Smartphone and app prices to help calculate UK inflation rates
The UK’s Office of National Statistics (ONS) will soon start monitoring the prices of smartphones and smartphone apps sold via the Apple App Store, Android Market and other smartphone marketplaces, adding them to the basket of goods that judges the national rate of inflation. The ONS updates its basket of goods annually, adding and replacing products and services that would consitute a representative sample of an average household purchases. These are used to calculate the monthly inflation rate which currently sits at 4%, double the rate that the Bank of England has targeted....